4/12/2019 Wealth Overview

onal (/) Privilege (/privilege-banking/index.page?) Wealth (/wealth-management/index.page?) Private (http://www.icicibankprivatebanking.com/)

/nri-banking/nri-banking.page?) Business (/business-banking/index.page?) SME (/sme/index.page?) Corporate (/corporate/corp-index.page?)

t Us (/aboutus/about-us.page?) Rewards Help

(/wealth- (/help/support-
management/offers/offer-
center.page?) Search
listing.page?)
(/wealth-
management/index.page?) Insights (/wealth-management/insights/insights-landing.page?)
Tap here to enter search term

Products (/wealth-management/personal/productandservice.page?)

Rewards (/wealth-management/offers/offer-listing.page?) Overview (/wealth-management/personal/aboutwealthmanagement

Get in Touch (/customer-care.page?) Personal Banking LOGIN (/safe-online-banking/safe-online-ba

Wealth Management (/wealth-management/index.page) › Insights (/wealth-management/insights/insights-landing.page) ›

IMF projects India’s GDP growth at 7.3% in FY2019

Speak of the Week 9 hours ago

IMF projects India’s GDP growth at 7.3% in FY2019

https://www.icicibank.com/wealth-management/insights/wealth-overview.page?insightcategory=Article&insightid=insight-imf-projects-indias-gdp-growth-at-73-in-fy2019-20191204122818070#IEU 1/5
4/12/2019 Wealth Overview

(https://www.icicibank.com/campaigns/mailers/2016-june/sotw-17-06-2016/voice143.html)

Indian Economic Update

India is projected to grow at 7.3% in 2019 and 7.5% in 2020, supported by the
continued recovery of investment and robust consumption, thus remaining the fastest
growing major economy of the world, according to the International Monetary Fund
(IMF).
The World Bank released its latest forecasts for India this week. The Bank is expecting
Gross Domestic Product (GDP) growth of 7.5% in both FY2020 and FY2021, from 7.4%
in FY2019. The World Bank also reported this week that India remained the world’s
largest recipient of inward remittances in 2018. Remittances jumped to USD 79 billion
(3% of GDP) last year, from USD 70 billion in 2017.
Voting for the General Elections in India began today for 91 seats across 18 states in
the first of seven phases.

Global Update

Brexit is on course to be delayed until the end of October under a plan to avoid a
chaotic no-deal split. The October 31 deadline is a compromise and the UK can leave
sooner if Parliament ratifies the exit deal.
The European Central Bank (ECB) maintained status quo on all fronts—policy rate,
Quantitative Easing (QE), reinvestment and its forward guidance. The main change was
the addition that the ECB made to its framework by introducing a fresh guidance on
‘negative rates’ in its policy statement that would seem to suggest that it could resort to
a ‘two-tiered’ policy rate framework in the future.

https://www.icicibank.com/wealth-management/insights/wealth-overview.page?insightcategory=Article&insightid=insight-imf-projects-indias-gdp-growth-at-73-in-fy2019-20191204122818070#IEU 2/5
4/12/2019 Meeting minutes of last Federal Open Market Committee (FOMC) policy showed
Wealth that a
Overview
majority of Federal Reserve officials believed that economic conditions would likely
warrant keeping the Fed's benchmark policy unchanged for the rest of this year.

Equity
Indian equities fell after the IMF downgraded India's growth forecast to 7.3% for 2019.
Economic growth concerns along with caution ahead of the March quarter earnings season is
making investors stay on the side-lines.

During the week Sensex lost 0.24% to close at 38767.11 while Nifty declined 0.19% to close at
11643.45.

Debt
Government bond prices remained steady as market players stayed on the side-lines before
the release of inflation data for March. Rise in crude oil prices weighed on bond prices. Trade
volumes were low.

The 10Y benchmark yield ended at 7.41% as compared to the previous week’s close of
7.35%.

Oil
Oil prices have rallied to their highest levels since the price crash in October last year, with
Brent breaking above the USD 70/barrel threshold. Prices rose as Organisation of Petroleum
Exporting Countries (OPEC) monthly report showed that output from the bloc fell by 534,000
barrels per day (bpd) in March to 30.02 million barrels per day (mbpd) due to falling output
from exempt member Venezuela and higher than required compliance by de facto leader
Saudi Arabia. It revised forecasts for both non-OPEC supply and global demand downwards.

https://www.icicibank.com/wealth-management/insights/wealth-overview.page?insightcategory=Article&insightid=insight-imf-projects-indias-gdp-growth-at-73-in-fy2019-20191204122818070#IEU 3/5
4/12/2019 Wealth Overview
Gold
Gold inched higher during the week. Prices remain near two week highs as investors fear
flaring up trade tensions between US and EU.

Currency
The Rupee ended stronger against the greenback as foreign banks sold dollars likely for
Foreign Institutional Investment (FII) inflows. Dollar buys likely from the RBI in a small
quantum prompted banks to cut short dollar bets. Importers' dollar demand weighed on the
domestic currency.

Source: ICICI Bank Research, Private Banking Investment Strategy Team, Bloomberg and
CRISIL.

Related Content

Article (/wealth-management/insights/insights- Article (/wealth-management/insights/insights- Article (/wealth-management/insights/insight

landing.page?insightcategory=Article) landing.page?insightcategory=Article) landing.page?insightcategory=Article)

RBI cuts repo rate by 25 bps RBI infuses liquidity through USD- Trade deficit narrowed in February
(/wealth- INR swap (/wealth- (/wealth-
management/insights/wealth- management/insights/wealth- management/insights/wealth-
overview.page? overview.page? overview.page?
insightcategory=Article&insightid=insight-
https://www.icicibank.com/wealth-management/insights/wealth-overview.page?insightcategory=Article&insightid=insight-imf-projects-indias-gdp-growth-at-73-in-fy2019-20191204122818070#IEU 4/5
 t- insightcategory=Article&insightid=insight- rbi-infuses-liquidity-through-
4/12/2019 Wealth Overview insightcategory=Article&insightid=ins
rbi-cuts-repo-rate-by-25-bps- usdinr-swap- trade-deficit-narrowed-in-february-

Explore Rates and Charges  Get updates from Facebook

ICICI Bank Group Websites
Investor Relations Interest Rates (/interest- 
Follow us on Twitter
(/aboutus/invest-relations.page?rates.page?) Select Website
#toptitle) Gold Rate Today  Join our network on LinkedIn
ICICI Bank Answers (/Personal- (https://infinity.icicibank.co.in/BANKAWAY?
Banking/faq/index.page?) Action.Gold.NLI=Y)
Visit Us ICICI Bank Country Websites
Credit Cards (/Personal- Service Charges and Fees
Banking/credit-card/index.page?)(/service-charges/service-  ICICI Bank Facebook Page Select Country
Internet Banking (/Personal- charges.page?) (https://www.facebook.com/icicibank)
Banking/insta-banking/internet-  ICICI Bank Twitter Page
banking/index.page?) Others (https://twitter.com/icicibank)
Mobile Banking (/mobile-
 ICICI Bank Linkedin Page
Customer Care (/customer- (https://in.linkedin.com/company/icici-
banking/index.page?) care.page?) bank)
Safe Banking (/online-safe- Form Center (/form-center.page?)
banking/index.page?)
Media Gallery (/media-
gallery/media-gallery.page?)
Initiatives Notice Board (/notice-
CSR (/csr/index.html) board.page?)
Terms & Conditions (/terms-condition/terms-and-conditions.page?) | Do Not Call Registry (/do-not-call.page?) | Disclaimer (/wm-
Go Green (/go-green/Index.html) Feedback (/feedback.page?)
Sitemap (/sitemap.page? disclaimer.page?) | Multilingual Disclaimer (/multilingual-disclaimer.page?) | Code of Commitment (/code-of-
Awards tabname=wealth) commitment.page?) | Group Code of Business Conduct and Ethics (/managed-assets/docs/about-
(/aboutus/awards.page?)
us/code_of_business_conduct_ethics.pdf) | Use of Unparliamentary Language by Customers (/unparliamentary-language-by-
2018 (/aboutus/awards.page? About Us (/aboutus/about-
year=2018&type=Awards) us.page?) customers.page?) | Privacy (/privacy.page?) | USA Patriot Act Certification (/usa-patriot-act-certification.page?) | Fair Practice

2017 (/aboutus/awards.page? Regulatory Disclosure Section Code for Lenders (/managed-assets/docs/personal/general-links/Bank-Fair-Practices-Code-April-2014.pdf)

year=2017&type=Awards) (/regulatory-disclosure.page?)
2016 (/aboutus/awards.page?
year=2016&type=Awards)

https://www.icicibank.com/wealth-management/insights/wealth-overview.page?insightcategory=Article&insightid=insight-imf-projects-indias-gdp-growth-at-73-in-fy2019-20191204122818070#IEU 5/5